Moody's still reviewing Russian banks

Moody's Investors Service said today that it is continuing the review process on the ratings of 18 Russian banks that was initiated last week following a confidence crisis that resulted in a run on some banks.

Moody's said it is in the process of analyzing the impact of this crisis on the individual banks that were placed on review for downgrade and hopes to conclude the review in the very near future.

Moody's says that the drop in confidence in the Russian banking sector, which peaked last Thursday, appears to be gradually tapering off. Several confidence-building measures taken by the Central Bank of Russia in recent days coupled with the approval by parliament of the deposit guarantee scheme seem to have, for the time being, calmed the main concerns of depositors regarding the safety of their deposits.

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